Porto Seguro S.a.BMFBOVESPA: PSSA3

Conference Call - 3Q25

Nov 11, 2025 at 12:33 PM UTC · Issued by Porto Seguro S.a.

E A R N

‌121-X-4OP77G23OE81-32-A2PeS-RI‌

G S I N

INGRID

Broker

17 years with Porto

3Q25

E6PNINGS PELE6SE PSS63

‌3Q25 E6PNINGS PELE6SE POPTO SEGUPO S.6.

CONSOLIDATED SUMMARY 3Q25 & 9M25 vs. 3Q24 & 9M24

3Q25

Tot«l Psvsnus

R$ 10.5 B

(+11%)

9M25

Tot«l Psvsnus

R$ 30.5 B

(+12%)

Nst Incoms

R$ 832 M

(+13%)

Nst Incoms

R$ 2.5 B

(+29%)

PO6E

No. of Clisnts

18 M

No. of Businsssss

32 M

23.0%

(+0.1 p.p.)

PO6E

23.4%

(+3.0 p.p.)

‌3Q25 E6PNINGS PELE6SE POPTO SEGUPO S.6.

VERTICALS SUMMARY

3Q25 vs. 3Q24

16.7 M

Items/Businesses

(+6%)

51.6%

Loss Ratio

(+O.8 p.p.)

+335 K

Members - Porto Saúde

(+143k in Health Insurance and +1e2k in Dental Insurance)

77.3%

Loss Ratio

(-O.8 p.p.)

+29%

Revenue

+19%

Net Income

R$ 91 M

EBITDA

(-14%)

15.0%

EBITDA Margin

(-2.O p.p.)

‌3Q25 E6PNINGS PELE6SE POPTO SEGUPO S.6.

REVENUES DOUBLE-DIGIT GROWTH IN TOTAL REVENUE

Psvsnus bn Lins of Businsss (P$ million)

+11%

Total Revenue (YoY)

+3.3%

5,484 5,663

+26.9% +28.7%

-2.4%

1,726 2,19O 1,5O81,942

62O 6O6

3Q24 3Q25

3Q24 3Q25 3Q24 3Q25

3Q24

3Q25

1 3

(1) Includes premiums from Auto, P&C, Life, Uruguay and other businesses / (2) Consisting of Health Insurance, Dental Insurance, Managed Plans and Occupational Health / (3) Includes premiums and income from Credit Card, Loan, Financing, Financial Risks, Pension Plan, Consortium, Investment and Premium Bonds / (4) Porto Serviço Vertical is segmented between Porto Seguro Partnership, Strategic Partnerships and Digital Products,

mainly offering assistance services for households, companies and vehicles.

‌3Q25 E6PNINGS PELE6SE POPTO SEGUPO S.6.

PROFITABILITY ROAE OF 28%, EXCLUDING EXCESS CAPITAL

32%

ROAE

without Excess Capital

ROAE

26% 26%

Total¹ 28%

18%

23%

PO6E Brs«edown - 3Q25

Consolidated ROAE of 23%

(1) The consolidated ROAE differs from the average of the vertical's ROAE mainly due to the holding

results and other businesses.

‌3Q25 E6PNINGS PELE6SE POPTO SEGUPO S.6.

RESULTS DIVERSIFICATION CONSISTENT AND DIVERSIFIED GROWTH IN RESULTS'

Nst Incoms Brs«edown¹

+13%

3Q24

Nst Incoms: P$ 739 M²

Healthcare

3Q25

Nst incoms: P$ 832 M²

Insurance

11%

Insurance

56%

37%

63%

59%

23%

Bank

39%

61%

5% 24%

16%

Healthcare

Auto³

Service

Auto³

Service

Other Insurance³

Bank

(1) Disregards the results of other businesses. 1 (2) Total Net Income 1 (3) Share in the Insurance Vertical (ex pension plan) Underwriting Result.

‌3Q25 E6PNINGS PELE6SE POPTO SEGUPO S.6.

FINANCIAL INVESTMENT PERFORMANCE

Revenue from the financial investment portfolio (ex-pension plan and ALM), managed by the Treasury, was RÇ 450.5 million in 3Q25, which accounts for 76.7% of CDI.

Brs«edown of Nomin«l Portfolio - 3Q25 (P$ M) Brs«edown of Invsstmsnt Portfolio

2.7

24.8

423.O

(72.O%)

45O.5 (76.7%)

Tot«l Psvsnus

(% CDI)

Psnsion Pl«n

(Tr«dition«l) (1)

6LM

PortoC«p (1)

6djustsd Psvsnus (% CDI)

3Q24

2Q25

3Q25

Equities

5% 3%

16%

4% 3%

14%

4% 2%

15%

36%

39%

41%

40%

37%

Corporate Bonds² Floating rate Fixed rate³

In昀氀ation-linked³

Result generated on funds invested by the Company to mitigate the mismatch between assets and liabilities (ALM) of Traditional Pension operations (product that sale was discontinued), Credit Operations (Porto Bank) and Premium Bonds (PortoCap).
Allocation primarily in floating rates.
7
Allocation mostly marked on the curve.

‌Qu«rtsrln Prsmiums - M«in Products (P$ million)

+0.9%

+10.7%

+12.9%

848

939

425

48O

R$ 5.7 B

Porto Seguro Revenue¹ in

3Q25 (+3.3% vs. 3Q24)

and R$ 16.5 billion in 9M25

(+4.6% vs. eM24)

82 pts

NPS of Porto Seguro Auto

81 pts

NPS of Azul Seguro Auto

83 pts

NPS of Porto Seguro Homeowner

4,O36 4,O72

6uto P&C Lifs

3Q24

3Q25

‌Qu«rtsrln Loss P«tio - M«in Products (%)

1.0 p.p.

51.6%

Porto Seguro Loss Ratio in 3Q25

(+O.8 p.p. vs. 3Q24)

51.8%

Porto Seguro Loss Ratio in eM25

(+O.4 p.p. vs. eM24)

57.3% 58.2%

2.1 p.p.

28.6% 3O.7%

1.8 p.p.

37.7% 39.5%

6uto P&C Lifs

3Q24

3Q25

‌Distribution of Subscription Pssult (3Q25) (%) Nst Incoms «nd Profit«bilitn (P$ M)

Lifs

25%

61%

Othsr

28.9% 29.7% 22.6% 31.1% 32.2%

43O 441

434 451

P&C

313

3Q24 4Q24 1Q25 2Q25 3Q25

6uto

Net Income (RÇ million)

ROAE (%)

Porto Seguro:

Net Income of R$ 451 M (+4.9% vs. 3Q24) and ROAE of

32.2% in 3Q25 (+ 3.2 p.p. vs. 3Q24).

‌Msmbsrs «nd Prsmiums - Hs«lth Insur«ncs

+22.3% +4.4%

510

641

751

784

3Q23 3Q24 2Q25 3Q25

Members - Health Insurance (thousands)

+27.7% +7.0%

1,142

1,638 1,954 2,091

3Q23 3Q24 2Q25 3Q25

Written Premiums - Health Insurance (RÇ M)

+143k

Livss Insursd in Hs«lth

(+22.3% vs. 3Q24)

R$ 2.2 B

Tot«l Psvsnuss of Porto S«úds

in 3Q25

(+26.9% vs. 3Q24)

R$ 126 M

Nst incoms in 3Q25

(+64.7% vs. 3Q24)

‌Loss P«tio - Hs«lth Insur«ncs «nd Hs«lth = Dsnt«l Insur«ncs

-0.8 p.p.

-0.9 p.p.

78.1%

75.2%

69.8%

77.3%

79.2% 76.3% 70.8% 78.4% 78.3%

3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 4Q24 1Q25 2Q25 3Q25

Loss Ratio - Health Insurance

Loss Ratio - Health and Dental Insurance

‌Nst incoms «nd Profit«bilitn

38.0%

39.7%

22.2%

22.4%

25.7%

179.6

138.8

105.5

126.3

76.7

123.2

1155..66

3Q24

4Q24

1Q25

2Q25

3Q25

Oncoclínicas Impact ¹

Result (RÇ million)

ROAE (%)

3Q25 E6PNINGS PELE6SE POPTO SEGUPO S.6.

‌Incoms «nd PO6E

29.O% 26.7% 27.O% 27.6% 26.1%

+18.5%

2O4.1

196.O

165.4

192.1

162.4

3Q24 4Q24 1Q25 2Q25 3Q25

Nst Incoms (P$ M)

PO6E (%)

5.6 M

Businesses

+31%

of Porto Bank's NPS

+18.5%

in the Net income of the vertical (vs.

3Q24)

‌Psvsnus

137 141

146 150 157

1,508

713

1,584

781

1,732

806

1,831

816

1,942

901

795

803

926

1,015

1,041

+29%

Efficisncn P«tio¹

-0.6 p.p.

34.4% 33.5% 33.4% 33.2% 33.8%

3Q24

4Q24

1Q25

2Q25

3Q25

3Q24 4Q24 1Q25 2Q25 3Q25

Fee-Based Revenue (R$ million)

Net Financial Revenue (R$ million)

Average Monthly Revenue per Active Client (R$)

(1) Methodology for calculating the Efficiency Ratio: (Operating and Administrative Expenses - Rewards) / (Revenue net of taxes - Commission - Rewards).

‌Crsdit Portfolio (P$ B)1 NPL P«tio2

=19.5%

18.2

1.4

1.2

19.2

1.3 1.3

20.1

1.2

1.5

20.9

1.6

1.1

21.7

1.8

1.1

15.7

16.6

17.4

18.2

18.9

7.2%

6.4%

6.7%

6.2%³

7.2%

6.0%

8.2%

6.9%

8.9%

7.2%

4.2%

4.5%

3.9%

4.2%

4.3%

3Q24

4Q24

1Q25

2Q25

3Q25

3Q24

4Q24

1Q25

2Q25

3Q25

Credit card

Financing

Loans

Over 9O - Porto Bank

Over 9O - Market 4

Over 15-9O - Porto Bank

(1) Portfolio up to 540 days past due 1 (2) Delays up to 360 days 1 (3) Excluding the sale of the portfolio in 4Q24 1 (4) Source: Bacen, weighted by the company's comparable portfolio.

16

‌691k

Car services

708k

Services for homes and businesses

• +59.8% in Digital Product Revenues in 3Q25 vs. 3Q24 and

+ 95.4% in 9M25 vs. 9M24

Improvement of 1 p.p. in the G&A Ratio (vs. 3Q24)

Tot«l Psvsnus (P$ M), Psvsnus Brs«edown (%) «nd G&6 (%)

9.3% 9.1% 7.0% 8.0% 8.3%

-2.4%

620 641 670 624 606

23.1%

0.5%

0.7%

26.1%

23.9%

0.7%

23.4%

0.7%

22.6%

0.8%

of NPS

76.4%

3Q24

73.2%

4Q24

75.4%

1Q25

75.9%

2Q25

76.7%

3Q25

Porto Seguro Partnership

Strategic Partnerships

Digital Products

G&A (%)

‌Nst incoms «nd Profit«bilitn (1) (2)

23.7%

25.6%

26.7%

22.0%

18.6%

64.3

71.5

66.7

56.8

49.1

3Q24 4Q24 1Q25 2Q25 3Q25

Porto Result + Minority Interest (RÇ million)

ROAE

(1) Result and ROAE related to Porto + Minority Shareholders (2) The Shareholders' Equity in 1Q25 decreased

RÇ 130.7 million, resulting in a consequent benefit for the ROAE, due to the following factors: (i) acquisition of

6.7% of minority shares by Porto Assistência, a subsidiary that is part of the I/S of Porto Serviço, and (ii)

distribution of dividends.

R$ 91 M

of EBITDA (-13.8% vs. 3Q24)

and 15.O% EBITDA margin in 3Q25 (-2,O p.p. vs. 3Q24)

R$ 49 M

in Income (-23.6% vs. 3Q24) and ROAE at 18.6% in the 3Q25 (-5.1 p.p. vs. 3Q24)

R$ 173 M

in Income (-3.6% vs. eM24) and ROAE at 21.8% in the eM25 (-O.2 p.p. vs. eM24)

‌P«ngs

Vsrtic«l E«rnsd Prsmium Ch«ngs (vs. 2024) =2% to 5%

Vsrtic«l Loss P«tio 51% to 55%

Vsrtic«l G&6 P«tio 10.3% to 11.2%

P«ngs

Tot«l Vsrtic«l Psvsnus Ch«ngs (vs. 2024) =20% to =28% Crsdit Lossss (P$ B) -2.0 to -2.3

Efficisncn P«tio 32% to 34%

Psvisw

Hsld

10.0% to 10.5%

Psvisw

Hsld Hsld Hsld

P«ngs

Vsrtic«l Writtsn Prsmium Ch«ngs (vs. 2024) =25% to =40%

Vsrtic«l Loss P«tio 73% to 78%

Vsrtic«l G&6 P«tio 4.5% to 5.5%

P«ngs

Tot«l Vsrtic«l Psvsnus (P$ B) 2.5 to 2.8

Vsrtic«l G&6 P«tio 8.0% to 9.0%

Psvisw

Hsld Hsld Hsld

Psvisw

2.4 to 2.6

=7.5% to =8.5%

The Company clarifies that the projections disclosed reflect the Management's expectations regarding the Company's business and therefore do not represent a promise of performance or result. The realization of these expectations will depend on several factors, many of them external to the Company, and actual results may differ from the projections presented.

The projections will be monitored and reviewed by the Company, pursuant to the

P«ngs

Fin«nci«l Pssult (P$ B) 1.2 to 1.4

Effsctivs r«ts 28% to 32%

Psvisw

Hsld Hsld

applicable regulations.

3Q25 E6PNINGS PELE6SE POPTO SEGUPO S.6.

PROJECTIONS FOR THE YEAR 2025

We revised our projections for 2O25.

‌3Q25 E6PNINGS PELE6SE POPTO SEGUPO S.6.

PORTO VS. MARKET

Porto is the leader in some segments

AUTO

(Direct Premium - RÇ B)

RESIDENTIAL

(Direct Premium - RÇ B)

COMMERCIAL (P&C)

(Direct Premium - RÇ B)

CONSORTIUM (REAL ESTATE)

(Managed Credit - RÇ B)

LANDLORD PROTECTION

(Direct Premium - RÇ B)

MARKET SHARE

26.8%

20.7%

24.9%

11.6%

56.0%

+3.5%

+7.8%

+15.3%

+34.0%

+6.7%

10.3 10.7

0.8

0.9

0.7 0.8

69.5

51.9

0.69 0.73

8M24

8M25

8M24 8M25

TOTAL

MARKET

P$ 39.9 B

(=5.4%)

P$ 4.3 B

(=8.1%)

P$ 3.2 B

(=15.2%)

P$ 597.3 B

(=37.7%)

P$ 1.3 B

(=14.2%)

‌3Q25 E6PNINGS PELE6SE POPTO SEGUPO S.6.

PORTO VS. MARKET

Porto has been gaining market share in other markets.

MARKET SHARE

CREDIT CARD

(Credit portfolio - Individuals - RÇ B)

2.8%

CONSORTIUM

(LIGHT VEHICLES)

(Managed Credit - RÇ B)

3.6%

HEALTH + DENTAL

(Written Premium - RÇ B)

2.4%

LIFE

(Direct Premium - RÇ B)

2.5%

+23.9%

+33.3%

+31.1 %

+13.5%

14,5

18,0

12,7

4.0

1.3

9,5

3.1

1.1

1H24 1H25

8M24 8M25

TOTAL

MARKET

P$ 637.2 B

(=15.3%)

P$ 353.1 B

(=21.0%)

P$ 164.5 B

(=9.2%)

P$ 50.2 B

(=8.3%)

Q&A

‌3Q25

E6PNINGS PELE6SE

PSS63

‌3Q25 E6PNINGS PELE6SE POPTO SEGUPO S.6.

DISCLAIMER

Any statements that may be made during this conference call, regarding Porto Seguro's business prospects, projections and operational and financial goals, constitute beliefs and assumptions of the Company's management, as well as currently available information.

Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions, as they refer to future events and, therefore, depend on circumstances that may or may not occur.

Investors should understand that general economic conditions, industry conditions and other operating factors may affect Porto Seguro's future performance and may lead to results that differ materially from those expressed in such forward-looking statements.

CONTACT

‌Alameda Barão de Piracicaba, 740 - 11° andar - São Paulo, SP https://ri.portoseguro.com.br

gri@portoseguro.com.br